When it comes to human resources results, one of the key things that needs to be focused on is employee retention. After all, seeing company knowledge walk out the door, and having to spend the time and money on finding and then training up new staff members is costly for businesses in all industries, and can have a big effect on not only sales revenue, but also branding, company culture, and more.
One of the best ways to increase your retention rate if you’re worried about losing top talent is to put more focus on employee recognition. Read on for the main reasons why this is so important, and how you can go about it doing it.
Benefits of Employee Recognition
Employee recognition benefits both workers and businesses. Employees who have their efforts noticed and rewarded always feel more valued than those who don’t, and typically find their workplace a more enjoyable place to be. They also tend to like their jobs more too.
For employers, there are numerous benefits to be had from recognizing staff members. For starters, since workers are happier when their effort and results are acknowledged, this helps to reduce turnover rates and improve the culture within a company. All employees, not just the ones who are rewarded, feel that an organization cares about workers when managers and owners make it a habit to recognize their staff members.
Another benefit of validating people within your venture is that employees will stay in their jobs for longer, which will cut your costs as far as hiring and training new workers goes. Recognized team members will also be more likely to speak about the company in glowing terms to others (which means better branding), and to recommend your organization to people they know who may be thinking of applying for a job. In turn, this helps you to attract the best candidates for positions.
Improved morale within a business due to happier employees also leads to increased engagement, motivation, productivity, and innovation; fewer disagreements within workplaces and better team work; and increased customer service for clients. After all, more positive workers are always more likely to be helpful and pleasant to those they deal with on a day-to-day basis. In addition, acknowledgement of staff members helps to foster loyalty, as employees tend to develop stronger relationships with their managers.
Tips for Recognizing Your Staff Members
There are lots of different ways you can go about recognizing your staff members and making them feel valued. What you choose typically depends on the budget you have available and how often you want to thank employees for their contributions.
If you’re looking for free or low-cost options, start with simply acknowledging the hard work that people put in, and the results that they achieve. You can thank them with heartfelt words in person, either individually or in front of their co-workers; or give them a call; write a thank you note (a physical letter or card can tend to have more impact these days than an email); give them special recognition in a company newsletter or social media post; or make them the “Employee of the Month.”
Another option to consider is rewarding top employees with additional responsibilities which are sought after. For example, you could make a worker a team leader for the month. For an affordable price you can also have certificates, plaques, trophies, and other types of employee awards printed with an outstanding worker’s name and the date, and present this in a ceremony. It is also fun to make these celebrations a bit of a party, with all office staff invited, and cake and other nibbles and drinks provided.
Other low-cost things you can do to recognize your staff members include giving them gift cards, tickets or vouchers (e.g., to the movies, a concert, a hotel stay, a meal at a nice restaurant, a sports game, or for their favorite store, etc.); giving them a day off or a better parking space at the office; or presenting them with gifts such as chocolates, wine, or lottery tickets.
If you have a bigger budget, consider paying top workers a bonus, sending them off for a weekend away or a longer vacation, or paying for an experience that they’ve had on their bucket list – such as a skydiving jump or a helicopter ride.
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